When French insurer AXA signaled last week that it would no longer write new cyber-insurance policies covering extortion payouts to criminals, ransomware and cyber insurance experts had two reactions. They wondered why it took so long, and how long it would take others to follow suit.
AXA’s move could be a positive one, said Megan Stifel, executive director of the Americas at the Global Cyber Alliance. Even if the move starts a trend, though, more work will be necessary, said Stifel, who served on a Ransomware Task Force that recently released recommendations on cyber insurance and more. Furthermore, it’s not clear if insurance companies are responsible for very many ransomware payouts.
“It’s a great first step,” Stifel said. “Hopefully more will follow and then hopefully the chokehold on ransomware payments will begin to follow.”
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